(Monday) ETH over $3k! (and the altcoin narratives that are about to EXPLODE)

Welcome back everyone to another Friday live stream episode on BoxMining here about everything that's covered and going on in the cryptocurrency, altcoin and everything space. So we got Ethereum shooting past 3000 today. It was inevitable, but we finally made it. So that's a big psychological number, especially when people are staring at ETH nonstop. Then obviously moving from 2900 to 3000. It's a big regime change. It's a big regime change, especially with everything going on. So we're going to take a look at what's happening overall in the cryptocurrency space. We're starting the month of May right now. There's a lot going on, especially with the institutional investors. And something that I personally been getting as well recently is that there are a lot of people, a lot of fund managers, head fund managers contacting me and saying, look, we want the inside scoop of what's going on. We don't understand crypto, especially if you test a lot of them and you talk to a lot of them, they don't understand what's going on, but they want to get in. And this is one of the most exciting times for that, because not only is there Bitcoin on people's radar, but also what's built on Ethereum and Binance Smart Chain and all these smart chains. After that, the whole decentralized scene, the whole NFT scene, this is just popping this year. And this is one of the reasons why I am super heavily in crypto right now. Like you cannot imagine like these rollercoaster rides are a little bit insane, even for me. But this is a big good and good reason for that. And it's because there's so much innovation here, especially with what's covered in decentralized finance. I feel like when I explain this to people, people's minds are like blown. They're like, whoa, wait, what? Projects can outsource and crowdfund their liquidity pool? What? What is this? What is this madness that is going on? So there is so much insanity happening in this space. I'm glad you guys are here to catch up. We're going to catch you guys up over the latest on what's on the markets, the kind of scope of what's going on. Are we over leveraged right now? Are we reaching an all time high? We'll answer these questions on today's stream. We'll also take a look at the latest news, what's been going on developing this week as well. So make sure you guys smash up those like buttons. It really does help this channel grow. It also builds our community as well. We've been spreading that knowledge nonstop. If you guys want to talk to us nonstop about crypto, we have the Box Money public channel. It's opening up right now. So you guys can just go and join the fam. Join the fam. Come discuss cryptos with us. We are open and discussing crypto, just getting informed of what's going on. There's tons of development. So make sure you smash the likes, hit that button, subscribe, do everything, and let's get the party started. Let me roll the intro. Once you guys do that. All right. All right. Let's look at the market. So we have some big numbers popping up, especially in Ethereum space. Look at Ethereum. It's past $3,000. But it's not the most performant. Not even in the top five. If you look at the past seven days, you will see Binance Coin is up 17%. Ripple is up 21%. What? Ethereum is up 13% only. It's like, oh, I'm only up 13% in the last seven days. I mean, this is crypto, guys. I mean, if this was traditional markets and these are like the biggest stocks, if these biggest stocks in the traditional markets move up 13%, 20%, people will be like freaking out. Like, what is going on, guys? But, you know, this is crypto. So, you know, people probably think 13% per month for seven days is underperforming. I think that's the craziest part about crypto. But, yes, we're steadily climbing, moving up. There doesn't seem to be any strong resistance here. Like, Ethereum is just like plowing through, but also leading the way as well. We got Bitcoin moving back up after the dump from a week plus ago. And we got Binance Coin especially pushing above 600 again. Binance Coin, I think it's the craziest one, right? I think it's like flops between 500 and 600. It's just being like a nonstop roller coaster ride like that. People are swinging between, oh, it's centralized garbage. And also, oh, my God, it is going to be the biggest innovation pusher in this current bull run. So, we'll have to see. That's the craziest part about Bitcoin. Bitcoin, sorry, not Bitcoin. The craziest thing about this crypto space is that people swing between these two big states. Also, of course, on the altcoin front, I just want to just like take a big quick look at the past 24 hours. You definitely see a lot and a lot of growth. So, yet again, I always just double check to see if we are in a mega cycle of altcoins, like seeing if it's asymmetrical where altcoins are outperforming or are they going down. It does seem to be the case that we are outperforming at this current point. If you look at it, Venus is up 20%. OKB, all right, OK is another big exchange. They don't want to be left behind here. So, they're pushing it. They're going up like 20-something odd percent or 150% over the past week. This is, yeah, this is kind of crazy. Venus is doing super well as well. So, yes, we definitely see a huge push. Very, very asymmetrical. We're still in that crazy altcoin season in that space. Utrust is up today massively as well. 45% over the past 24 hours. It is just a little bit crazy. Just a little bit crazy on what is going on. In terms of the chart, guys. So, you know, you guys know that I look at this chart a lot. The altcoin season index to find out where we are in the altcoin season. Well, we're fully into a very big altcoin cycle. So, if you look at this and compare this to the late 2020 DeFi cycle, which is where we saw the last peak for this index. So, this is the altcoin season index. Whether altcoins are exploding right now or is Bitcoin exploding. So, from this index, we can definitely see that altcoins are just continuing to go on. It's lasting longer than the last cycle. And this cycle, we're reaching bigger and larger numbers. And I've been saying this nonstop for a while now. Why am I in altcoins? Well, it's because this cycle can't last very long. So, while it's the last cycle, the last, you know, it's almost like a perfect sine wave right here. But what I do think is that because this current space is the way it is, right? Because we've got Elon Musk showing altcoins. We've got endless talk about an exploration into the space. I do believe that we can reach a point where there's a mega cycle for altcoins. Which is why I'm still invested in this space. But I'm more cautious. I have taken a little bit of profits, around 5% to 10% profits in the altcoin space. But I haven't completely freaked out. I think that's the core here. Where, you know, people think, oh, look. If crypto is in a cycle like this and we're at the peak of the cycle. Then at the peak of the cycle, you just sell, right? That's logically the mentality going forward here. But I still believe that this cycle can last quite a bit. And when we're in a mega altcoin cycle like this, we see these super large numbers popping up. So, yes, we are playing with fire right now. I do have to warn you guys. Not financial advice. But you guys pretty much know in crypto right now, it's extremely volatile. There could be drastic changes within a 24-hour landscape where something can go massively up or massively down. I mean, that's a given at this current point. And I think a lot of people here, they have the mentality. And this is the mentality I have. So, when I'm managing my altcoin bags, I am 100% prepared to lose everything in that sector. So, you know how I sector out everything on my map, everything. I have my big holding bags with the coins that I believe is going to be out there for a long time. Medium and the altcoin space. This is the most profitable for me right now. But at the same time, it's also the most volatile at this current point. So, it's going to get rough. What I see here is that I don't see altcoins weakening out, to be honest, right? So, typically speaking, when we're on here, okay? So, when we're in late September-ish, when we saw the altcoins dying out, we saw massive dumps, right? We saw these massive dumps for certain cryptocurrencies. Especially when the hacks came about, it was a situation where it was too fast, too crazy, and people were getting very depressed. And one of the reasons why I'm still thinking that this can go on is because you look at a situation like this, right? So, you have a similar situation happening today. So, a Spartan protocol exploit results in a loss of $30 million, right? So, this was a hack that, you know, it's almost embarrassing saying this, right? With all these DeFi protocols, there's infinite number of hacks. I mean, recently, we just saw one, not even one week ago, right? This is the craziest thing. Uranium also got hacked for a similar amount, right? Ranging in the millions as well. Not the first time, but something that's happening. It seems like people just don't care, right? The moment this came on, Spartan protocol was like, what to do now? Oh, raise the shields. Let's go again. Yeah, yeah. We're still in that stage where even if people proven themselves to be a little bit incompetent, right? They still can have a massive following, and that massive following is still going to defend them. I find that kind of crazy, but it also tells me it's a point of information to say, look, I don't think we're done in this cycle. People want to believe still, right? For the better or for worse, right? People still want to believe. So, I feel like that's kind of the case right now. I think the difference with when things were going down here was that if a hack was announced, it would absolutely obliterate a project, right? And it would crater and do collateral damage on everything around it too. So, the whole of DeFi will be brought down by one project getting hacked or something like that. But now it seems to be the case where, you know, people just shrug it off. You're like, yeah, whatever. You know, we've seen that a million times. It's like, you know, we're all risk management. Let's move forward. We're all risk management. Let's move forward. Pew, pew. Yeah. And, I mean, obviously, Liam Timmons says, hey, bro, are you following TrueBit? That is the exact mentality that we have right now. This morning, I woke up and everyone was talking about TrueBit, right? So, yes, Spartan got hacked. But are people talking about Spartan getting hacked? No, people are just all aping into True. Everyone is like on this whole roller coaster ride. I have not. Okay, so I'll be honest. I have not fully looked into this, but I know it is happening. Did I ape into it? Yes, I did. Small amount. I'm just like, you know what? Let me figure out what's going on. But it was a roller coaster ride. TrueBit was a true roller coaster ride that I missed. Like this big down road arrow that I missed. But anyways, people are still uncertain of what it is. I'm not going to make too many comments on it. But yeah, so Andre is involved. Well, Andre is supporting it. But bang tag is one that's involved. And everyone's looking at this. Honestly, I woke up to it around 30 minutes ago. I did not have much time to look at it. So I'm going to stop talking about it. But this kind of emphasizes my point that I'm arguing. People are not concerned at all that we're on this kind of peak, which it's interesting. It's interesting. It's good. I mean, risk management, guys. Risk manage. Risk manage everything at this current point. But yeah, apes. You need to check out bored apes. Man, it's insane. It's insane. So anyway, so that's the market. Let's take a quick look at the ETH charts. So Ethereum moving up. This is where I feel like if there is any reason why people are aping more, it's because Ethereum is just on a nonstop arrow up. We don't really know where the biggest resistance is. I mean, it's pushing above $3,000 very happily, and it seems to be growing quite a bit as well. So this is where we're entering. What I'm saying is we're entering the new regime change, right? This is I'm picking up that nachomature because I feel like it's it's an interesting way to describe crypto because once these big coins, these big projects push past major hurdles, right? So we saw what we saw earlier was Ethereum was happily sitting in this channel. It was trading within this channel for the longest period of time, but then it broke $2,500. So we're pushing past $3,000 right now. We're pushing into this new regime, this new area. And yet again, once ETH pushes beyond, once it pushes into this new regime, people are going to look. People who make gains on Ethereum, they're going to be happy. They're going to be excited. They're going to look at the alts. And then, of course, people who are eyeing this cryptocurrency space by that big psychological barrier, you're going to pass, which is like, wow, it's $3,000, not $2,000. It's like, huh. So we're entering that really new space. It's going to be interesting to see what goes on beyond that. This is where the excitement is this week, boys. This is going to be quite interesting. If we can push past to around $3,500 or $3,400 in a big, big push like that, that will be quite insane. I've also been very eyeing closely what is happening on the funding rates. All right. So why do I eye these funding rates? It's because I'm looking if they are healthy or not. How do I look and see if they're healthy? What does that mean? Something that happens is that if the number is big, all right, if this is very, very green, if the funding rate is very green, that means a lot of traders are thinking that Ethereum is going to go up, which is normally a good sign. But however, however, that means the funding rate also tells you a little bit about how many longs there are versus shorts. The bigger the number of funding rate is, the more leveraged longs there are. And that also presents a unhealthy signal too. If this number gets too large, right? So the key here is that green is good, positive is good. But if the number gets too large, if it's like in 0.05% or above, I'm going to get scared because that's going to be a possibility, right? That leveraged traders can be completely wrecked, right? This is what happened last time, right? Last time, right before the dip, what happened was that all the traders here, right? All the traders. So this was what happened in mid-April. All these traders were thinking that Ethereum is going to go up, but they were taking on leveraged positions. They were taking on these perpetual future contracts that they can leverage 5, 10, 20x. And that's an unhealthy type of leverage, right? So what happened here, all right, and all the way in April was that they dipped down, right? Because this number was too big, because the funding rate was too large. I have a full explanation video on funding rate. It's in the member section if you guys are interested in that, but this is a very brief introduction. But what I'm looking for here and what I do see right now is that at least for Ethereum and Bitcoin, these funding rates are right now quite safe. All right. This is actually quite positive to me. Traders definitely believe that crypto is going to go up. That's why it's positive. But also the magnitude of this is not totally positive. That's the interesting part. So take it as you wish, but this is a little bit more data coming from the perpetual futures front. It does seem like we're not in an unhealthy position at this current point, which I'm very positive about. Now, let's take a quick look at the Bitcoin charts as well. Let's load the layout. I think the biggest narrative for Bitcoin at this current point is where is Bitcoin going to go next, right? So what's necessary once Bitcoin approaches $64,000, which is why right now we see this channel being traded for Bitcoin right now, right? So the biggest reason to look at Bitcoin, at least for me anyways, is to see when the Bitcoin narrative is going to come in, right? Because obviously when Bitcoin is rallying hard, something that we've seen earlier is that the alts fall, which is why for me, it's very important to look at. If Bitcoin hits $65,000, if it's around this range, then I'm going to lay off the alts a little bit just because personally, from past experience, if Bitcoin makes a major rally, major push, then, well, that's going to cause the alts to move down a little bit, right? This is what I've been seeing for some reports. So if you look at Cointelegraph, they have the Vortex report that says the altcoin indicator flits to Bitcoin, even as rally and polygon surge. I actually find this article to be extremely misleading because obviously, so this is the number one editor's choice article on Cointelegraph, right? They're talking about how it could be that there could be a Bitcoin narrative coming on soon, right? If Bitcoin moves above this and Bitcoin has its own rally, then yes, it could be a Bitcoin market. But however, I do feel like their indicator is a little bit out of date. I am sorry to say, I feel like they're pushing this a little bit too early. Bitcoin, I still think it's going to, it's in that little cage of it. It's still, it's still stuck in that little cage just for a little while longer. Whilst at the same time, we have a lot of pressure talking about the alts. I mean, Doge is being talked of endlessly. I'll show you guys some bits of that. So I feel like this is a situation where Vortex, which Cointelegraph uses, is a little bit out of date. It's not dealing with this regime change very well. We're in the middle of a mega altcoin season and you're telling me that Bitcoin rally coming soon and we should get out of alts. But no, no, no, no, no. I feel like that indicator is vastly, vastly out of date. I was like, I looked at this. I was like, really? Like, maybe the editor should have thought, oh, maybe I should change the indicator rather than doubling down and just publish an article. That's, that's my two cents on that as my thoughts. Now, why do I think altcoins are still going to be crazy? This is going to be high speculation of this week where, of course, there's going to be this week's Saturday Night Live and Elon Musk himself, the great Doge father, has confirmed that he's going to do something about Doge. All right. So yet again, I think, whilst I think this is not probably not the best way for the general public to learn about crypto, I've been saying that nonstop. I mean, there's obviously a lot of problems with Doge, like the fact that Doge is very centralized in terms of ownership. Top 10 wallets hold more than 50% of the supply of Doge. But the biggest attribute, the biggest power attribute of Doge is that it's auto viral marketing, right? We've got endless people just supporting this. It seems to be extremely, it seems to be resonating extremely well with the younger population. So yeah, I mean, Elon's like nonstop. I don't think I'm going to disrespect and short Doge at this current point. It was kind of funny. I met a friend this weekend who was like, oh, he was wearing a Doge hat. And he was like, oh, I lost pretty big in crypto. I'm like, how can you lose big if you're holding a Doge hat, right? He was like, I was following Doge for the longest period of time, but Doge just rallied too hard. He thought, oh, you know what? There's no way Doge can continue its massive rally. There's too many problems with it. So he ended up instead of, you know, buying Doge, he shorted Doge. He thought Doge was going to go down. And then he got completely obliterated by these major, major pumps up here. It's just insane, right? So this is a situation where I totally don't sympathize with him. I'm like, oh, it's pretty well known at this current point. You know, in a bull market, shorting crypto, I don't think is a wise idea. I'll personally never do it. So, yeah, I was just like, sigh. You know, the same situation happened when there was a lot of fear, uncertainty and doubt surrounding Chainlink. Remember when the purported Zeus Capital, right? Another firm, not the real Zeus Capital, but another firm naming themselves Zeus Capital published a major 100-page report on why Chainlink should be worth zero. And they publicly announced their big, big position shorting Chainlink, hoping that they'll just generate massive profits when Chainlink goes down to zero. So they're trying to pay influencers. They're trying to short this. Oh, well, CoinDeck goes over capacity again. But, you know, how well did that turn out? So, yeah, I think I don't have a single short on right now in crypto at its current point. On that note as well, Doge, am I in Doge, am I not? So I have a little bit of Doge, Doge bull. So that's my current strategy. I'm exposing myself a little bit to Doge bull as a bull token. Entry price around FTX, FTX.com. So Doge bull is a 3X leverage token. Like normally, I would be very Doge bull. So it basically feels the effects of Doge changing more drastically. It's 3X leverage. But the way I'm taking it is this is one of the YOLO plays. You know, if there is anything like that. I told you I had this like crazy Doge bull play earlier, two, three weeks ago, actually. I actually entered a position of Doge bull. So I'm going to get a story right straight. The entry position was in March. And then the Doge bull popped like crazy. And I did liquidate that in when it was around 180,000 for Doge bull. But yeah, so that's. So what am I doing now? So right now what I'm doing is I entered a little bit. We'll see how this plays out. Obviously, be very, very careful, guys. This is leverage. So this has 3X the exposure to Doge. Yeah. You know, if Doge drops at 33%, you'll lose everything. Right. That's the way I take it. But the reason why I'm entering a position like that is if there is something big happening this week. And very likely what's going to happen is that before the SNL skit, everyone's going to get excited. And then maybe on Thursday, Friday, everyone's going to get excited. And during the skit, everyone's going to dump. Right. I think that's the. That's generally crypto. Unfortunately, that's the way people do it. So I personally took up a position and we'll see what happens on Wednesday, Thursday area and see what's going on. But Angelo Delgado says 100X leverage on Doge. That's something I will never do. But this is just like a fun punt that I'm that I've taken on. Also, obviously, if you guys are interested in trading on FTX, I'm going to do more tutorials on that. But I have a referral link down below. It does help the channel if you guys use that link. And you also have a 5% discount on all trades as well. And yeah, so they have the both tokens. They also have something interesting about FTX and why like everyone, almost everyone is talking about it and pushing it is because the maker fees can be negative, which means that you guys should get paid to make an order. Right. So that's the biggest difference between FTX and say Binance would be for a trader. Right. Who doesn't want to pay fees. If you make a transaction on the order book and you hold enough FTT, the funding rate. Sorry, the rate is in such a way that you actually benefit. You actually gain from pushing a trade. I'll show you guys all the stats. You can see the fee structure here. So basically, if you're on a maker, if you're a maker and you have FTT staking, you have a negative, you can get a negative trading fee. But it takes a while. You actually have to have a queue in a volume. And also you have. So it takes a while. You have to be like a FTX whale to get that, which for some reason I am now. Like I've traded enough to actually get it. That's kind of crazy. But yeah. Don't ask me about it. So for some reason, I'm getting a negative MM. But I don't know why. Like I have to figure out the structure a little bit more. But for me, like every time I trade, I actually get paid if I set up the buy and sell orders. So anyways, that sounds great. So raw crypto slash Rob says SNL skit is going to be the major top indicator for me. If the dump during or post airing is not enough to bring it down and it steps pumps further, I'd call top, he says. I don't know, man. This is a situation where I feel like a lot of people are massively getting into crypto in such a way where if these people who got into crypto like last month and the month before, if they start making money, right, that's going to bring on even more. That's the insane part about this, right? It's it's auto viral marketing. If people make money in this space, it doesn't mean it's a good, positive, fundamental growth. I absolutely agree in that sense, because people probably don't know what they're doing. And in fact, a quick browse on most YouTube channels like and TikTok channels, especially new channels, they have no idea how to even like view a transaction. Like the basics of their basics of viewing transaction, what went on, you know, trade properly. Like a lot of them are just breaking it down into, oh, click this button. But the problem is they don't understand the principle. So that is what is causing me to be very afraid. But at the same time, I feel like the penetration of this is definitely not reached 100 percent. So I'd love to bring Rob here. Rob the bear. Rob the bear. Let's come on. Let's come discuss this on Crypto and Friends this week. I'd love to have that debate with you to see where we are in this cycle. It'll be super fun. It'll be super interesting. And I feel like it's going to give a lot of depth to this as well. So anyways. But yeah, that's that's that's what's happening. If you want to know what is the biggest thing that's happening and everyone's looking at is Doge. OK, that's the sad part. Obviously, backbone, there is quite a lot. First and foremost, this is interesting. This is something that we knew was going to happen inevitably. So we have the Intercontinental Exchange. They had a 1.4 percent in Coinbase. And they managed to sell that off, making $90 million in the process. So almost $1 billion made by Intercontinental Exchange of Coinbase. And yet again, this is something that we knew was going to happen. Right. When Coinbase lists people who invested early are going to cash out. They have the liquidity event coin. Right now, it's coin is sitting at around around $300. But this is not the the cool point about coin is not to I coin for what it is right now. Right. Because everyone right now who's bought in coin early, they're going to cash out for them. So what I'm looking at rather is what these what everyone is going to do after after they cash out. Right. So first of all, this is generating news. So this is yet again, this is like when people generate news like that, they made a billion dollars. When some when a when a fund or something makes a billion dollars or something, it gets big news and it gets other funds excited. So I feel like this is the case where other funds right now, especially hedge funds are seeing news like this. Right. Either people making money from coins directly or services surrounding coins and then everyone flocks into crypto. So right now we're seeing that gathering momentum where a lot of funds, a lot of traditional funds who would never, ever touch crypto are suddenly thinking. Maybe 5%, maybe 10%. That seems to be the gist of what is going on right now. Why? I still believe right now this is where early. Right. So I, you know, I'm very bullish right now. You guys can probably see endlessly. But I believe that, you know, in terms of the Bitcoin cycle, in terms of the entire cycle overall, I feel like we're right there. This is a bubble and then we're moving into FOMO intensifies. Right. So I feel like we can push up and that would be quite insane if we push up into maximum bubble territory. And then, of course, the reason why is because both funds and companies are getting into crypto. All right. Let's finish this off as well with a contrasting view of this. This is Bill Maher. He's like trash talking crypto as a Ponzi in a 10 minute rant. He repeats the same garbage that... Bill Gates and Orrin Buffett pulls out two major arguments. Bitcoin doesn't provide any value. It's not a company. It's a coin. It's a currency. We know that. And the second issue is that it's causing emissions. Both of which, actually, if you research quite deeply into how cryptocurrencies work, are quite false. Yet again, I feel like... I think we're going to get this. But I feel like every time people say this... Every time people say this, they sound dumber. Don't you find this is a situation? I guess... I guess... I'm trying to rationalize this. I mean, Bill Gates literally called... He said he would want to short Bitcoin. Right? If you search this up, last time he was interviewed, he was like, oh, short Bitcoin. Right? So let's say Bill Gates. So this is in 2018. I would short Bitcoin if I could. Right? And he's been nonstop talking about this. I mean, Bill Gates is with his happy buddy friends, Charlie Moonger and also Warren Buffett. You know, these are the classic. There's three musketeers of Bitcoin haters. But ironically, right? Ironically, 2018 would be a good entry point for Bitcoin. Right? Like right now. Let's look at the 2018 times. Right? Like when this was being published, let's say 2018 in May. All right? In May. So this price... In May, the price was $5,000. Right? So literally right now. Right? So if he placed a $1 million short on Bitcoin, if he was just really... This is a situation where Bill Gates is such a terrible trader. Right? Actually, let me put 2018. Okay. 2018. All right. Maybe it's not that bad. All right. Maybe not that bad. Okay. Sorry. Sorry. I put the wrong marker here. Put the wrong marker. Wrong bad. My bad. My bad. My bad. So let me see. Let me see this. This is May 7th of 2018. Okay. Okay. All right. Makes sense. Makes sense. All right. So he's not that bad. Maybe. So if you put it in May, yes, he would have shorted it at $9,000. And it did go down to $3,000 all the way in late 2018 when everyone lost faith into it. Right? But very quickly in 2019, it rose up to $10,000 again. And now we're at $50,000. Right? So this is a situation where, you know, you probably shouldn't follow Bill's advice. I mean, maybe if you're a short-term trader and you're looking for the absolute dump. But the argument that they've been making is that Bitcoin is going to go to zero. Right? At this point, he'll be doubling down and say, ha, ha, ha. You know, Bitcoin going down to zero. I don't believe in this. Right? Zero. Zero. Zero. Zero. It's a waste of electricity. It's complete garbage. And then what happens after that? Total. If you are shorting Bitcoin, you will be completely wrecked by now. Like, period. Period. There's just no doubt about that. Like, anyways, let me finish that rant. I'm not going to do a 10-minute rant that some boomer is going to do. Also, in terms of electricity, I think this is actually spreading a lot to a lot of funds as well. A lot of big funds right now are trying to invest in greener projects. Right? So, they're avoiding stuff that is heavy in terms of pollution. But I need to correct this other mistake that they have here, too, talking about how Bitcoin is just polluting the planet, is taking it down to zero, wrecking our planet completely. So, this is just a correction. It's just a fact. So, a lot of times, Bitcoin uses the electricity that would otherwise have been wasted. This is why miners can get electricity prices for so cheap, because they're on such low priority power. And why a lot of times, when a grid goes down, right, say when a grid is under stress, under strain, the miners are the first ones to get cut from that, right, and get obliterated. So, just take, for example, this article about mining centralization. And you have to really read around. So, Bitcoin has seen an adjustment and correction, because Bitcoin's mining difficulty fell by 12.6%. Because earlier this year, Bitcoin hash rate, the amount of Bitcoin miners in operation, dropped because of coal mining accidents in Xinjiang province. So, why is this so big, and why were the miners the first ones to get cut? Because they were using low, low, low priority electricity. So, if anything goes wrong with a power grid, they are the first ones to get cut. So, what am I making an argument for? I'm saying because they're on low power, low priority power, effectively, they're really not killing the planet. They're really taking off the excess that would have been wasted anyways. So, this is quite important to remember that when these power plants run and they operate, basically, there's no batteries to soak up any excess that's not being used by people, right? So, if you have, you know, people, residents using electricity, there's always going to be an excess to provide on a network. And what Bitcoin does is most of the time it uses off that excess. So, a lot of times what happens is when people look at the pure kilowatt wattage usage, which is what reporters mostly do, reporters who don't understand how the electrical grid works, they'll report, oh, my God, Bitcoin's burning this many kilowatts of electricity. It's like the power of, it's consuming the power of a small town. It's like a small city right now because of how crazy mining is right now. So, they'll use all these calculations and they won't understand how power grids work. So, I want to correct that as well in these articles. It's just like right now, there's a big circle jerk right now in Bitcoin and crypto journalism where people don't understand what is happening. And, yeah, so, anyways. So, yet again, I think major conclusion here is we're going to see more of this. This is exactly what pushed me away from crypto back in 2012 where there was a lot of miscommunication in mainstream media. You know, all this fear and certain doubt. Like, I'm seeing right now, like, even in the NFT discussion, there's like, oh, NFT is a big waste of electricity. Be green. Avoid NFT. I'm like, you guys are the dumbest idiots in the world. Like, literally, like, this world will probably be better if you are not in this world. Like, you are contributing to negative humanity growth right now. Like, you guys are scum. Like, you guys don't do any research. You guys go full sensational on this. Like, please, just stop. Just shut up. You'll make the world a better place. Like, it's sad. But, come on. Come on. But, crypto artists. Did you say big circle jerk, Michael? Yes, there's just, like, quite a few big circle jerks. I'm completely, like, honest about that. Mainstream media. Crypto media is getting that to that point. Even funds in crypto are getting to that point. It is a big, massive circle jerk going on right now. There are so many things wrong with it. And, I guess, you know, if you're smart enough to see that, that's great. So, anyways. Moving on. So, DeFi hits new. DeFi adoption on Binance Smart Chain reaches new heights. I think this is pretty much given at this current point. So, yeah. I got Lina here. Shout-outs to Lina. Here, Venus also. There's a lot more than that, too. If you look at, like, Belt or 4Pool or what else? Eclipses. There's a lot of stuff. I mean, DeFi mining. Like, especially if you're yield farming on DeFi right now. On Binance Smart Chain. It's a pretty good place. The yields are not, you know. They're pretty reputable. They're pretty good. I do want to say right now. One interesting fact about this whole current space is that. I think markets move so quickly and the narratives change, right? So, in terms of Binance Smart Chain, I feel like my experience with Binance Smart Chain is when I first saw it, right? Because I talked to a lot of projects. I wanted to move there first. And when it first got built, it was absolute garbage. There was a point where we all felt like Binance Smart Chain could have gone the way of Binance Chain, right? Do you guys still remember that? All the way back in 2017 or 2018, Binance launched their own Binance Chain, right? It's Binance. And their own exchange, too. I mean, this is not the first attempt at a decentralized smart chain, right? The dual chain system. If you look at all the PR from before, this is not the first time Binance tried something like this. But the key difference here is that the smart chain really took off because it encouraged the growth of other projects, right? The biggest issue about Binance Chain itself was because it didn't have the ability to do smart contracts. It didn't have the ability to do decentralized finance. It didn't manage to gain any traction whatsoever within the community. Barely anyone used the chain. Other than the projects that wanted to list on Binance itself, they listed on a Binance Dex first. So, one experience I want to say from this is just like, okay, we had the doubts, right? So, even when I was first looking at this, I knew it was big, but there was a doubt in my mind, right? But now, in retrospect, in hindsight, it just, it wasn't, it was more a situation of it will only take time. And that time was rather short before Binance Chain exploded and before the whole space is exploding. So, what does that mean? What does that change about what I think about in the future? Well, first and foremost, I'm looking at two other narratives, two big narratives. One is a Polkadot narrative. Right now, I mean, it's still very hot, but nothing's really built on Polkadot yet. And it's still pending. It's still on its way. But also, the Solana narrative is something that I'm looking at as well, because Solana is the chain that's very backed by FTX folks, right? Obviously, Solana's got an insane growth over the past few months. But I feel like it's a situation where Solana doesn't have much public, general public support. It's a situation where, okay, yes, there's volume, there's trade volume on Serum. The institutional investors love it, right? It's fast. There's talk about, you know, projects like Radium on Solana. But it's not, no one's mainstream using it yet. And I think this is a situation where, so I took a pretty big position in Solana and in the whole ecosystem, mainly because I feel like it's getting those same vibes that Binance Smart Chain had in the early stages. Like, people knew it was going to be useful. People understand why it's useful, but it just hasn't reached mainstream popularity because it was missing some key ingredients which are coming along the way. So anyways, that's my two cents right now on what is happening on there, where my strategy is. Now, let's conclude everything else with the news and everything that is going on. So yeah, so this is obvious. Ethereum market cap hits $333 billion, just mostly because Ethereum is above $3,000 right now. And I think we have also an estimate that Vitalik right now, just give me a sec. I think I just choked on something anyway. Drink, hydrate yourself guys. Let's board it. But yeah, so I think Vitalik is a newly minted billionaire too. I saw that on the news a little bit earlier. So yeah, Ethereum past $3,000 is bigger than the Bank of America, is also bigger than Nestle, and quite a lot of other companies at this current point. So yeah, quite a lot of bullish news. I think I've been viewing, yeah, like today's most of the indicators are bullish. Yeah, we'll have to see. We'll have to see. But the only negative one was Spartan. And let me take a quick look at Spartan too. Spartan, Spartan protocol. I mean, it's kind of insane. Like there was a hack, but yeah, barely any, barely any movement. That's, yeah. If that's not a bullish sign, I don't know what is, right? When a project loses $30 million because they're incompetent or because, well, I'm being a little bit brutal here, but you guys know what I mean. Like losing $30 million of other people's money is horrific, right? But yeah, so they lost money. But did it get dumped majorly? Yeah, not really. I mean, what? $1.20 down, $1.60 down to $1.10. Crypto, crypto, crypto, crypto. And on this $30 million hack and no price action, only in crypto. Man, like in any other market, if this wasn't a bull market, this would have been dumped to zero, right? Like people would be like, what the hell? Like you guys screwed up. You know, it's a proof of failure. But, you know, crypto is just like, yeah, let's raise the shields one more time. Boom. People who believe in Sparta. Boom. You know, like more money. Ha ha ha. So, yeah, I think that's pretty much the biggest bull indicator, I would say, of the week entirely is. I mean, we got other FUD. Oh, a big hot bit shuts down for maintenance after an attempted hack. Be careful. Be careful. This will happen more. Security is absolutely important. In fact, I'm definitely going to do more to invite Dima back to this channel. He's been doing cybersecurity in the cryptocurrency space. We did a big discussion on Friday, last Friday, you know, all about how to make projects exchanges more safe, make projects more safe. Like right now, it doesn't affect us, but I definitely see that this is going to be a problem that gets worse over time. And it's one of the biggest projects that one of the biggest issues. Right. If institutional investors are going to crypto and they have some issues. Right. One of the issues is obviously with electricity, with the power wastage, which I think is completely bogus. I think most of them will realize that. But the bigger problem here is security. Right. Security is the biggest issue that these and it's legit. Like, you know, every week we're seeing a $30 million hack, $50 million hack that takes away user funds. Right. So that is a legitimate concern right now, of course, because the markets are so bullish. No one gives a crap. But I do think that eventually people will. Right. And I feel like this is one of the situations where the community itself, if we're to grow in a sustainable fashion, it's it. We must be able to prevent or stop hacks from happening. I think like anyways, I don't need to argue too much about that. But yeah, that's that's pretty much it. So anyway, so what we're going to do. So I think that pretty much summarizes all the news and everything that's happening today. So I would like to thank everyone for watching. Please, please, if you guys find or got useful information from this channel, please, please do smash the likes. It really does help the channel grow. We're going to do a lot more content. We're going to do crypto and friends this week. I just need to iron down the day. But so far, it seems to be like Wednesday this time. So crypto and friends is coming. It's a new show where I'm inviting more guests on to talk about what's happening in the cryptocurrency space. Give a broader view of opinions and talk about all queens and suggestions and get different people's views on different currencies. So that's coming up very, very soon. So I hope you guys can stay tuned for that. Yeah, pretty much. That's it. We're going to do some questions and answers about what is going on. We've got Stone Stranger says refinable. Yes, man. I've been spending so much time on that. Like, it's crazy. It's crazy. Just making sure that like now at this current point, I'm like pushing Nick really hard. I'm like, dude, you guys refinable. You guys need to achieve some really, really solid goals. Right. And just like, yeah, that's that's what's happening right now. Refinable. It's been a volatile trading period for refinable to say the very least. But yeah, my main concern there is make sure that the work is done. And OTV, O trading says TV says fine, fine, fine. Yes. Awesome. So let's see. Let's see what else. We've got questions on bakery swap comment. Bakery just took off, right? Bakery swap. I think bakery is like Pancake's little brother. It is off to the races right now for bakery swap. It's insane. Did I have bakery swap? Yes. I had some back when bakery launched like at here. It's kind of funny, right? Because like bakery had a story where it launched at around the same time as Pancake. And I took up positions on both to yield farm both and to test out both. And bakery barely had any traction. But anyways, I was like, you know what? I'm just going to keep those coins around. And I'm bam. We're here now where Binance has been spending a lot more effort. It seems like Binance seems to be favoring bakery at this current point. But at the same time, I mean, if you're looking at this, right? This is it's hard for me to buy at this current point. But yeah, that's that's my two cents. Like I sold some on the way up, but I still have some. That's the truth. Like I had some early ones there from the whole. This is the lucky part of being in crypto early. And sometimes sometimes it works. Sometimes it doesn't. Right. I mean, the other one is Burger. I also got into it around the same time. And Burger that Burger is doing well, actually. OK, never mind. I'm going to shut up. I'm going to shut up. I'm going to shut up because Burger, I got a dollar. I was going to tell you guys, oh, Burger didn't do so well. But guess what? Guess what? It's $25 right now. So I need to go back and check on a wallet to say, hey, you know what? Congrats. Congrats, Burger. Congrats. So Burger is riding off the wave of probably bakery swap. OK. All right. Good thing. Good news. Good thing. I completely did not see that. So. Wow. Wow. I was going to say I was going to say I was going to say, yeah, Burger, I kept some. It's, you know, probably didn't do so well. Well, congrats. Congrats. Huh. Huh. Weird. Anyways. Anyways, guys. Fun things. Fun things are coming into crypto. We got V chain with Salesforce. V chain is moving on along very nicely. Yeah, that's that's one of the bigger bags I've been holding. And to be frank, it was a very tough hoddle. Like I saw roughly like 80 percent of my investment go down the drain, almost go down the drain. It would have gone down the drain if I sold. Right. But it was a very, very rough hoddle for out most of 28, 2018, 2019. You know, that drop to 0.04. 0.04 versus right now 0.1, 0.2. Yeah, that's a that's a solid lesson. That was one of my biggest life lessons, really. You know, I took I rode up on the V chain train. I didn't sell and I just watched everything evaporate. Right. I just watched those gains just completely go down the drain. And it was not easy. But, you know, with V chain doing work with and this is the issue of crypto, too. Like you must be like for me, I conditioned myself to say, you know what? Thank God I didn't sell the bottom. But there was a risk, right? There was a risk that I could have sold. But yeah, I'm just glad that I'm just glad that the world for me, like right now, I'm so numb from V chain. Like from that experience, nothing on V chain affects me anymore. Like I think that's a point you want to make. Like if you want to make any points, I'm like, you know what? I'm like I'm so desensitized to any price movements on V chain right now. It's just like I mentally have PTSD still and I don't even look at V chain prices. But anyways, that's how. Anon says you're down 80% on initial no. So with V chain, it was a situation where, you know, I wrote the wave up. I think I still make gains. But you always you never think of it initially. You think about the all time high, right? And all time high that did not sell. Right. And you think of that and you think, oh, my God, I could have been this rich at this point. And just watch that completely go down from the top. So, yeah. Paulo Brando says, should we buy VietVet right now? I still feel like there's possibilities for growth for VET. But obviously, be careful. It had a major rally recently. I mean, not financial advice. I've been holding it for a long time. And I intend to hold it for a little bit like a long time as well. So, yeah. Yeah, that's that's my comment. So anyways, guys. Anon says, Michael never been down bad. Ha. Well, I'll be frank with you guys. Right. Like. I think I was lucky. Like I started BoxMining Channel 2016. So it was a perfect time for entry. So it's a situation where, you know, the time of when I entered, like, you know, how do I say it? Like I made so many mistakes in crypto that I'm pretty much numb from it. But I also was very lucky at very key moments. So say, for example, 2012, I got into crypto. I got into Bitcoin mining. It was still possible on my gaming computer at that time. And I was earning massive amounts of Bitcoin per day. But, however, I sold at $15. Right. Like I'm one of those idiots that literally sold Bitcoin at $15, liquidating an entire stack. Like everything gone. Right. Obviously, at that time, these numbers were small. I was still a student. You know, I literally. You know, when you're a student, you make. Like I was a PhD candidate. Right. So when you're doing a PhD, you get paid a stipend around $25,000. So for me, at that time, like $500 would be a lot of money. Right. You can go out like and $500 in your pockets. You are good, man. You are great. Right. So anyway, so so far at that time, I sold my Bitcoin. I made that mistake and I regretted it for like four or five years, like four years almost. Right. So going from 2012 to 2016, I regretted. I didn't want to touch Bitcoin again. But luckily, with 2016, I kind of saw there was something going on. That's when the Box Money channel really started. I'm very grateful for that. Moving on with that story. Like a lot of insanity happened. My life was changed. Like that's 2016, 2017. I became financially independent. I don't really I don't have to take on a full time job. You know, there's many perks with that being financially independent. But yeah, that changed my life. So I was I'm very lucky. And this wave really changed my life, too. I'll be honest with you guys. This wave in crypto, you know, before I was like teetering. I was telling you guys, yo, I have like, you know, seven years runway if things don't go well in crypto. Right. I was just counting down the years. You know, one year down. All right. Market is not so great, but it's OK. You know, another year. And then boom, this year. It's like, OK, whatever. I'm pretty much set. So, you know, hopefully. Anyways, guys, that's my story. I'll tell you guys more in the long term. Long time about that. Jason Ruff says, Dr. Mikey Mike. I didn't finish my PhD, so I quit my PhD. Yeah, that was a big decision, which I'm extremely grateful of. I think I would not have achieved what I have without quitting, without having to leave. And I was leaving something that was comfortable into something that was very uncomfortable. But it worked. And it was one of the hardest decisions of my life to quit something. And I hope to contribute to that field in the future. And now it's a situation where I can actually fulfill something I said long ago, which was like, because before I was doing cancer research, right? So research on cancer, treatment of cancer. Right now, I'm like, I can almost donate to that. You know, I'll be OK with like finding something and donate to that and making an impact financially rather than, you know, using my time to do it. So anyways. So yeah. So Adnan says, was it an economics? No, it was a science. STEM. But yeah. Anyways, science guy. You know, I can kind of tell. But anyways, guys, thank you guys so much for watching today's episode. We'll see you guys very soon. Let's roll the end credits. Thank you guys for watching. Smash the likes. We'll see you guys very soon in crypto and friends. See you next time. Smash likes and subscribe. You got to do it. See you next time. I'll take the time now to tell you a little bit about everything that's happening in the box mining ecosystem. First and foremost, if you guys like listening to all that's happening in crypto on the go, then I would highly recommend you checking out the box mining Bitcoin out of the box podcast. And the reason why it's called Bitcoin out of the box is because we have long interview segments very much exploring the detail of the newest and latest of what's going on in this whole cryptocurrency space. Whole idea of it is to bridge that gap between knowledge, privileged institutional investors and the rest of us here in this space. Now with the podcast, it's on everything. So it's on Apple podcast. It's on Google podcast. It's on Spotify. Just search anywhere. Bitcoin out of the box. 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